WHAT ARE NFTs AND CRYPTOART?
What are NTFs?
NFTs allow the representation of digital and real objects in a unique and unrepeatable way within the blockchain system. NFT development to its security, we can use this technology to manage these objects safely at any time.
In this case, the tokens represent a work of art: illustration, photography, video, 3D animation, GIF, music, among others. However, this technology is also used in games, to create Internet domains, business cards, and more. NFT development company cannot be reproduced or transferred without the permission of the owner, but can be traded on different open markets, such as Open Sea. Artworks can be put up for sale or auction whenever desired. The value of each chip is unique and its prices depend on the supply and demand of the market.
Some characteristics of NTFs: Weirdly Unique – These assets have many analogies to works of art, of which there may be copies (it's even easier to make copies of digital works), but here the owner can certify that they are the sole and actual owner of the original work, although it can be easily shared on the internet (and it does).
Indivisible – Unlike cryptocurrencies, NFTs cannot be broken down into smaller parts, and have full value as a whole entity or token, without more. You can't have 1/1000 of a crypto kitten.
Indestructible – The data in an NFT is stored on the blockchain via a Smart Contract, making it indestructible, deletable, or replicable.
Verifiable – Blockchain makes it possible to verify something that is much more complex to prove or certify with things like art or stamp collecting, for example: Blockchain keeps track of who has bought or sold an NFT and who is their current (absolute) owner, including the original creator from whom that digital asset was purchased in the first place.
Sell art as NTF Imagine that you are an artist creating digital images or videos. How can you monetize your content? You can sell signed prints or some type of merchandise online. You can also create a painting, digitize it, and then modify it online. NFT development services Is it the painting or is it the digital copy you modified? If a digital copy exists, does the original digital copy exist? This is where NFTs come into play. An NFT is basically a smart contract that claims that this digital piece is the original and all the others are just copies (or “digital prints”, if we were to use a real-life analogue). In other words, the NFT consists of your digital artwork plus a blockchain contract stating that you did in fact create the piece and that it is the original.
Some terms of this topic: NFT : (Non-Fungible Token / Non-Fungible Token). It is a digital element managed by blockchain. This is the crypto art token. They were launched in 2017 through the Ethereum currency blockchain network. Everything or almost everything can be converted to NFT, from digital art, internet domains, playing cards, event tickets, songs, videos, among many more.
Blockchain : The chain of blocks is, as the name implies, a data structure that is organized in the form of interlocking blocks that create an infinite chain. When a new block joins the chain, the hash of the previous block is included, so changing the information of a single block creates a break in the chain. All blocks need to be recoded.
Chain code : It is defined as an algorithm that is responsible for separately coding the formulas so that the platform complies with the actions.
Cryptocurrency – Digital currency or currency that is powered by the blockchain system. Among the most famous are Bitcoin, Binance Coin, Ethereum, Litecoin, Dogcoin and Ripple. Each currency has different values and its value depends on speculation.
Cryptography : A set of techniques that allow messages or files to be altered and modified so that they cannot be read by unauthorized users.
Ethereum : Public blockchain platform created in 2015 by Vitalik Buterin that hosts decentralized and collaborative applications. The platform is backed by an open decentralized network of nodes and is supported by a community of developers.
Token: it is a unit of value, it is a type of cryptocurrency that represents "something" that is not a monetary transaction. There are fungible tokens (which can be divisible) and non-fungible or NFT tokens (which are not divisible).
Trading : is the speculation and sale of listed digital assets based on Technical Analysis (TA) with the aim of obtaining economic benefits.